Accounting Cycle And Annual Financial Report MCQ Homework Help

1. Which of the following information should be included in the financial section of a comprehensive annual financial report
Transmittal letter.
The basic financial statements, including notes thereto.
Tables and charts showing demographic and economic data.
A description of the government.

2. The city of Milan was notified that it had been approved for a state government grant in the amount of $1,000,000 to help finance its new city jail. The money from the grant will be received later in the current fiscal year. The journal entry to record this transaction will include
A credit to Other Financing Sources upon notification.
A credit to Revenues when all eligibility requirements are met.
A credit to Revenues upon receipt of the money from the state.
A credit to Other Financing Sources upon receipt of the money from the state.

3. Extraordinary items and special items are reported
With normal recurring general revenues.
As separate line items in the Function/Programs section of the statement of activities.
As separate line items below General Revenues in the statement of activities.
As separate line items above General Revenues.

4. The General Fund received $200,000 in lieu of taxes from the city owned water utility, an enterprise fund. This is an example of a(an)
Interfund transfer.
Interfund loan.
Internal exchange transaction.
Reimbursement.

5. When the budget of a government is recorded and Appropriations exceeds Estimated Revenues, the Budgetary Fund Balance account is
Credited at the beginning of the year and debited at the end of the year.
Credited at the beginning of the year and no entry is made at the end of the year.
Debited at the beginning of the year and no entry is made at the end of the year.
Debited at the beginning of the year and credited at the end of the year.

6. The expenditure classification “Public Safety” is an example of which of the following types of classifications
Activity.
Function.
Character.
Object.

7. Which of the following statements is always true concerning the reporting of debt service funds
Debt service funds are reported in a separate column in the governmental fund financial statements.
Debt service funds are reported in a separate column in the government-wide financial statements.
Debt service funds are reported in the Other Governmental Funds column in the governmental fund financial statements.
Debt service funds are reported in the Governmental Activities column in the government-wide financial statements.

8. Which of the following would be considered an internal exchange transaction
The General Fund transfers $200,000 to establish a Central Supplies Fund; this amount will not be repaid.
The General Fund transfers $125,000 to the Debt Service Fund for payment of currently due bond interest payments.
The General Fund orders and receives supplies from the Central Supplies Fund in the amount of $9,000.
The Capital Projects Fund completes a library building project and transfers the remaining cash to the Debt Service Fund.

9. Which of the following is identified by the GASB as the “cornerstone” of all financial reporting in government
Understandability.
Representational faithfulness.
Accountability.
Interperiod equity.

10. Five trucks were leased by Pleasantville under terms qualifying as a capital lease. These trucks are to be used by the fire department. Where would the capital lease transaction be recorded
Internal service fund.
Special revenue fund.
Plant and equipment fund.
Governmental activities.

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11. On June 1, 2012, Brooktown levied special assessments in the amount of $500,000, payable in 10 equal annual installments beginning on June 30, 2012. The assessment installments are intended to pay principal and interest on special assessment bonds for which the town has pledged its full faith and credit should assessments be insufficient. Assuming no allowance for uncollectible receivables, the journal entry in the debt service fund on June 1, 2012 would include:
A debit to Assessments Receivable-Current for $500,000.
A debit to Assessments Receivable-Current for $50,000.
A credit to Revenues for $500,000.
No journal entry is made in the debt service fund because special assessments are used.

12. In 2011, Weaver City signed a contract in the amount of $6,000,000 for the construction of a new city hall. Expenditures were $4,000,000 in 2011 and $2,050,000 in 2012, which included a change to the original construction design in the amount of $50,000. What amount should be added to net capital assets in the governmental activities accounts in 2012
$6,000,000
$6,050,000
$2,050,000
$2,000,000.

13. The accrual basis of accounting applicable to proprietary fund types requires that exchange revenues be recognized when
Earned.
Collected in cash.
Authorized by the budget ordinance.
Measurable and available.

14. The expenditure classification “City Attorney” is an example of which of the following types of classification
Function.
Organization unit.
Character.
Program.

15. On what should the government-wide financial statements report
Net assets and results of financial operations of the government as a whole.
Fiscal accountability.
The cost of government services.
Budgetary compliance.